Truefg LLC Makes New $84,000 Investment in CleanSpark, Inc. (NASDAQ:CLSK)

Truefg LLC purchased a new position in CleanSpark, Inc. (NASDAQ:CLSK) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 12,500 shares of the company’s stock, valued at approximately $84,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Barclays PLC lifted its stake in shares of CleanSpark by 364.0% in the third quarter. Barclays PLC now owns 389,201 shares of the company’s stock valued at $3,634,000 after purchasing an additional 305,316 shares during the period. Virtu Financial LLC acquired a new position in shares of CleanSpark during the fourth quarter valued at approximately $338,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in shares of CleanSpark by 68.6% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 281,783 shares of the company’s stock worth $2,595,000 after purchasing an additional 114,674 shares during the period. Quadrant Capital Group LLC acquired a new position in CleanSpark in the 4th quarter valued at approximately $734,000. Finally, Algert Global LLC boosted its position in CleanSpark by 284.1% during the fourth quarter. Algert Global LLC now owns 198,862 shares of the company’s stock worth $1,832,000 after purchasing an additional 147,086 shares during the period. 43.12% of the stock is owned by institutional investors and hedge funds.

CleanSpark Stock Up 8.5%

Shares of CleanSpark stock opened at $9.79 on Monday. CleanSpark, Inc. has a twelve month low of $6.45 and a twelve month high of $20.64. The firm has a market cap of $2.75 billion, a PE ratio of 89.01 and a beta of 4.23. The business has a 50-day moving average price of $8.56 and a 200 day moving average price of $9.75.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). The business had revenue of $181.71 million for the quarter, compared to analysts’ expectations of $196.43 million. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. The firm’s quarterly revenue was up 62.5% on a year-over-year basis. During the same period last year, the firm earned $0.59 earnings per share. On average, sell-side analysts expect that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Buying and Selling at CleanSpark

In related news, Director Roger Paul Beynon sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the completion of the sale, the director now directly owns 125,511 shares in the company, valued at approximately $1,319,120.61. The trade was a 28.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Amanda Cavaleri sold 13,000 shares of CleanSpark stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $7.97, for a total value of $103,610.00. Following the sale, the director now directly owns 140,289 shares in the company, valued at $1,118,103.33. The trade was a 8.48% decrease in their position. The disclosure for this sale can be found here. 2.65% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CLSK shares. JPMorgan Chase & Co. decreased their price target on CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Chardan Capital initiated coverage on shares of CleanSpark in a research report on Wednesday, May 21st. They set a “buy” rating and a $20.00 price objective for the company. Finally, Needham & Company LLC started coverage on shares of CleanSpark in a research note on Wednesday, February 12th. They set a “buy” rating and a $20.00 target price for the company. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $20.71.

About CleanSpark

CleanSpark, Inc operates as a bitcoin miner in the Americas. It owns and operates data centers that primarily run on low-carbon power. Its infrastructure supports Bitcoin, a digital commodity and a tool for financial independence and inclusion. The company was formerly known as Stratean Inc and changed its name to CleanSpark, Inc in November 2016.